Apple Removes Binance and Kraken Cryptocurrency Apps from Indian App Store 🚨🚨🚨🚨🚨🚨🚨‼️‼️‼️‼️‼️‼️‼️‼️‼️‼️‼️‼️‼️‼️‼️‼️

Several cryptocurrency exchange apps, including Binance and Kraken, have vanished from the Apple App Store in India. This move comes in response to regulatory concerns raised by the Financial Intelligence Unit (FIU), which accused these global firms of operating "illegally" in the country. The FIU issued show cause notices to nine crypto firms, alleging non-compliance with India's anti-money laundering rules. The affected exchanges also include Mexc, Kucoin, Huobi, Gate.io, Bittrex, and Bitfinex.

Many Indian traders have shifted to global cryptocurrency platforms, possibly to evade taxes, as India started taxing virtual currencies last year. This move included a 30% tax on gains and a 1% deduction on each crypto transaction. While India-based exchanges like CoinSwitch Kuber and CoinDCX remain compliant with India’s PMLA requirements, global platforms face challenges in adapting to the country's regulatory landscape. The historical tough stance of India towards cryptocurrencies, including a past ban by the Reserve Bank, continues to shape the regulatory environment.

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